Sunrise Energy Metals (ASX:SRL) said assay results from an exploration drilling campaign at the Syerston scandium project in New South Wales indicated multiple new areas of continuous, high-grade scandium mineralization, according to a Friday Australian bourse filing.

It conducted a 125-hole reverse circulation drilling campaign for a total of 3,589 meters during April and May. The campaign sought to step out from areas of high-grade scandium mineralization confirmed by earlier drilling and a recent re-assaying of historic pulp samples.

Significant intercepts encountered during the drilling included seven meters at 884 parts per million grade of scandium from one meter and 13 meters at 743 ppm grade of scandium from six meters.

The drilling results will inform a mineral resource estimate at the project, as well as a project feasibility study, targeting rapid, low-cost development and production options.

Its shares soared 27% in recent trading on Friday, reaching their highest point since mid-2023.